Valuation work done in 2018 and thereafter will be subject to inspection under a new program at the Canadian Institute of Chartered Business Valuators (CICBV). This applies to any work product that is subject to the CICBV’s Practice Standards, and inspections will begin in 2019. This proactive approach is unlike the reactive approach of the AICPA, ASA, and NACVA, which conducts inspections on a triggering event, such as a complaint (an exception is the new CEIV credential, where everyone will go through an inspection). To address confidentiality of client information, the CICBV says members should advise clients that their work may be subject to selection for practice inspection and that they may be required to provide inspectors with access to their work product and supporting files.
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